January 19, 2022
Denmark Bancshares, Inc. Investigation
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Denmark Bancshares, Inc. (“Denmark” or the “Company”) (OTC: DMKBA; DMKBB), in connection with the proposed acquisition of the Company by Bank First Corporation (“Bank First”) (NASDAQ: BFC). Under the terms of the merger agreement, the Company’s shareholders will have the option to receive either $38.10 per share in cash or 0.5276 of a share of Bank First’s common stock in exchange for each share of Denmark common stock that they own, subject to customary proration and allocation procedures, such that no less than 80% of Denmark shares will receive stock consideration and no greater than 20% will receive cash consideration.
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